Western Union Partners with Stellar
Western Union has partnered up with Stellar in order to offer its clients the option to transfer funds to mobile wallets.
Western Union is an American financial services company which gives its clients the option of person-to-person money transfer. Western Union is often used to send money from abroad to people living in another country as it is a worldwide money sending solution.
The global payments giant is now teaming up with Thunes, a blockchain startup. Thunes has reportedly changed its name from TransferTo in the hopes that the rebranding will assist the company in breaking through into the global transfers market. Thunes has teamed up with one of the most popular cryptocurrencies, Stellar, to complete blockchain-powered settlements.
Western Union has signed a partnership agreement with Thunes in the hopes that it will expand its global financial inclusion and allow for easier access to finances. The new development will allow for the clients of Western Union to send money straight into a recipient's mobile wallet.
The president of Western Union Global Money Transfers has been willing to include cryptocurrencies for a while as he stated that the firm would introduce cryptocurrencies if it were used for payments and exchanges between individuals.
Sobia Rahmen, the Head of Account Payout Network at Western Union had this to say about the latest step:
“We are continuously expanding and enhancing our account payout portfolio, providing customers with multiple payout options including bank accounts, cards or mobile wallets. Our goal is to make digital money transfer services more accessible, with a specific focus on enabling mobile transactions.”
WesternUnion is not the only company of its kind to enter into this type of agreement. MoneyGram has also signed an agreement with Ripple to process faster payments around the world. Stellar and Ripple are direct competitors. Ripple's XRP is currently the 3rd largest digital asset on the market and Stellar is the 8th largest digital asset on the market.
These companies have both taken a bold step toward the future of cryptocurrency. Instant money transfers around the world are exactly what cryptocurrency is about and WesternUnion and MoneyGram are publically displaying their support. The crypto community can only hope that this step forward will grow the public's trust in the crypto economy.